New virtual currency question on form 1040

October 17, 2019

Just days after releasing new guidance for taxpayers engaged in virtual currency, the IRS announced a new checkbox that will be on your 2019 Form 1040, Schedule 1 (Additional Income and Adjustments to Income).

The checkbox which appears on the second early-release draft of the form, asks: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The IRS will accept Schedule 1 comments until early November.

 

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